Marketing is a crucial business function that allows companies to connect with the right customers. But do you ever wonder why many businesses with smashing ideas fail to garner reach and sales? One reason is poor marketing.
Having a good product/service is not enough to attract potential customers. You need to make sales to generate the finances to run a business. This happens when people know about what you’re offering. That’s why it is necessary to have a sound marketing strategy to keep the business afloat.
But we all make mistakes and make a few bad marketing decisions here and it is also common. So, if your marketing strategies aren’t raking in the numbers, chances are you’re messing up somewhere. Below we’ve identified possible mistakes you might be making.
1. Not identifying the core audience
Not everyone is a fan of sodas, or not everyone’s into skincare. There can never be 100% audience engagement for a single product, which means that you need to identify the people your product appeals to. This is called identifying your target audience, which sets the foundation for a robust marketing strategy. If you’re unfamiliar with marketing basics, consider enrolling in an online Master of Business Administration in Marketing to get a firm grip on the subject. This way, you can identify your target market and develop a better plan to target it.
One of the biggest mistakes marketing managers make is targeting a broad audience, which is a waste of time and money. You need to have a firm grip on your target audience and categorize them according to location, age, gender, etc. With the help of numerous tools and data collection strategies, you can collect valuable information on identifying your core audience. This way, you can earn better conversions on your campaigns.
2. Poor investment decisions
Investment keeps the cycle going in every business, especially when you want to take the next big step. However, business owners fear investing their surplus amount back into the business, especially in marketing, and that is where they are wrong. According to recent studies, business owners wished to invest in marketing at the right opportunity.
Without investing in marketing, you may miss out on securing high ROI opportunities essential for business growth. Therefore, ensure you invest in departments you are underperforming in, especially when it comes to promoting your business.
3. Not marketing with a strong USP
How are you going to stand out from the competition? How will your target audience ignore your competitors and keep coming back to you? This is where a strong, unique selling point comes into play. If you can’t explain to your audience why your product is different and better than what your competitors offer in thirty seconds, you’ve already lost the race.
It’s hard for a business to survive if it sells products similar to what other businesses are selling. A strong USP is not only important for your product identity, but it also helps you identify specific problems and provide solutions for them. You should not make the mistake of taking a generic approach. On the contrary, when cooking up a marketing strategy, think about what solutions you provide and what aspects other brands may be ignoring.
4. Unable to focus on loyal customers
Chasing new customers is important but ignoring the existing ones is a big marketing mistake. Customer satisfaction and retention are crucial as almost 80% of your business come from existing customers. If your business is about to undergo major changes, you must communicate this new vision to your loyal customers.
Addressing your existing audience’s concerns, putting them first, and making them feel they matter should be a key part of every business’s marketing strategy. Your existing customer base plays an important role in promoting your business by recommending you to other people. Therefore, invest in keeping your repeat customers happy through coupons, free giveaways, reward programs, and more.
5. Not tracking performance and results
Analyzing and evaluating various performance metrics is crucial for future growth. Many businesses use tracking tools to collect customer data and craft a lucrative marketing campaign. However, they fail to use this same technology to track the performance of their marketing campaign so that they can identify areas for improvement.
It is essential to set goals and evaluate your journey towards those goals. For instance, tracking the number of followers you receive isn’t giving you any viable information about how successful your marketing strategy is. However, tracking engagement rates, traffic, keywords, etc., can help you identify what’s working and what isn’t.
6. Not investing in SEO
Did you know that search engines drive ten times more traffic to your website than any marketing technique? Marketers should not ignore the power of digital marketing and what a sound SEO strategy can accomplish. When you have funds to invest, try directing all your efforts in optimizing content for search engines.
Content marketing and SEO are key aspects of digital marketing, and not tapping into this vast resource is one of the biggest marketing mistakes you can make. Therefore, start working on link optimization, title tag optimization, keyword research, etc.
7. Ignoring offline marketing
Digital marketing may hold a big chunk of value in marketing strategy, but that doesn’t mean we should forget our offline audience. Let’s face it, not all of us are on the internet all day, and you may be limiting your reach by just sticking to social media.
If you want to set your brand apart, stop ignoring offline marketing strategies and explore all options available. How do things go viral online? Somebody takes a picture, uploads it, and voila! So, put your head together to develop catchy billboards, ads, brochures and extend your reach outside the digital space.
There’s no doubt about the fact that marketing drives a business. There are multiple channels to craft an efficient marketing strategy, but there’s always room for mistakes. Therefore, just so you don’t have to go through the excruciating experience of making the obvious mistakes, we’ve highlighted a few of them for you. The key is to explore as many options as possible and research as much as you can. Take pointers from our above points and avoid these marketing mistakes!